XGD.TO vs. XEF.TO
XGD.TO (iShares S&P/TSX Global Gold Index ETF) and XEF.TO (iShares Core MSCI EAFE IMI Index ETF) are both exchange-traded funds - XGD.TO is a Precious Metals fund tracking the Morningstar Gbl Gold GR CAD, while XEF.TO is a Foreign Large Cap Equities fund tracking the MSCI EAFE Investable Market Index (CAD). Both are passively managed. Over the past 10 years, XGD.TO returned 14.79%/yr vs 9.77%/yr for XEF.TO. At a 0.12 correlation, their price movements are largely independent. XGD.TO charges 0.61%/yr vs 0.23%/yr for XEF.TO.
Performance
XGD.TO vs. XEF.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XGD.TO achieves a 3.35% return, which is significantly lower than XEF.TO's 9.95% return. Over the past 10 years, XGD.TO has outperformed XEF.TO with an annualized return of 14.79%, while XEF.TO has yielded a comparatively lower 9.77% annualized return.
XGD.TO
- 1D
- -2.80%
- 1M
- 1.62%
- YTD
- 3.35%
- 6M
- 8.72%
- 1Y
- 67.78%
- 3Y*
- 43.11%
- 5Y*
- 22.30%
- 10Y*
- 14.79%
XEF.TO
- 1D
- -0.41%
- 1M
- 5.38%
- YTD
- 9.95%
- 6M
- 10.72%
- 1Y
- 23.12%
- 3Y*
- 17.83%
- 5Y*
- 10.89%
- 10Y*
- 9.77%
XGD.TO vs. XEF.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XGD.TO iShares S&P/TSX Global Gold Index ETF | 3.35% | 144.45% | 19.63% | 3.91% | -3.10% | -5.81% | 21.10% | 40.18% | -4.10% | 0.96% |
XEF.TO iShares Core MSCI EAFE IMI Index ETF | 9.95% | 25.69% | 12.04% | 15.21% | -9.53% | 10.36% | 6.13% | 15.86% | -6.65% | 18.19% |
Correlation
The correlation between XGD.TO and XEF.TO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2013 | 0.12 |
Over the past year, XGD.TO and XEF.TO have become more correlated (0.38) than their long-term average of 0.12, meaning their price movements have been converging.
XGD.TO vs. XEF.TO - Sectors Allocation Comparison
Sectors
XGD.TO
XEF.TO
Basic Materials
Communication Services
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Consumer Cyclical
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Consumer Defensive
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Energy
-
Financial Services
-
Healthcare
-
Industrials
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Real Estate
-
Technology
-
Utilities
-
Basic Materials
XGD.TO
XEF.TO
Communication Services
XGD.TO
-
XEF.TO
Consumer Cyclical
XGD.TO
-
XEF.TO
Consumer Defensive
XGD.TO
-
XEF.TO
Energy
XGD.TO
-
XEF.TO
Financial Services
XGD.TO
-
XEF.TO
Healthcare
XGD.TO
-
XEF.TO
Industrials
XGD.TO
-
XEF.TO
Real Estate
XGD.TO
-
XEF.TO
Technology
XGD.TO
-
XEF.TO
Utilities
XGD.TO
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XEF.TO
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Return for Risk
XGD.TO vs. XEF.TO — Risk / Return Rank
XGD.TO
XEF.TO
XGD.TO vs. XEF.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Global Gold Index ETF (XGD.TO) and iShares Core MSCI EAFE IMI Index ETF (XEF.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| XGD.TO | XEF.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.31 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | 2.06 | +0.29 |
| Martin ratioReturn relative to average drawdown | 6.22 | 8.22 | -2.00 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XGD.TO | XEF.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.59 | 1.68 | -0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.69 | 0.81 | -0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.45 | 0.66 | -0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.71 | -0.45 |
Drawdowns
XGD.TO vs. XEF.TO - Drawdown Comparison
The maximum XGD.TO drawdown since its inception was -72.55%, which is greater than XEF.TO's maximum drawdown of -28.51%. Use the drawdown chart below to compare losses from any high point for XGD.TO and XEF.TO.
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Drawdown Indicators
| XGD.TO | XEF.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.55% | -28.51% | -44.04% |
Max Drawdown (1Y)Largest decline over 1 year | -28.95% | -11.27% | -17.68% |
Max Drawdown (3Y)Largest decline over 3 years | -28.95% | -14.32% | -14.63% |
Max Drawdown (5Y)Largest decline over 5 years | -40.82% | -24.58% | -16.24% |
Max Drawdown (10Y)Largest decline over 10 years | -46.96% | -28.51% | -18.45% |
Current DrawdownCurrent decline from peak | -23.49% | -1.09% | -22.40% |
Average DrawdownAverage peak-to-trough decline | -28.30% | -4.62% | -23.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.93% | 2.82% | +8.11% |
Volatility
XGD.TO vs. XEF.TO - Volatility Comparison
iShares S&P/TSX Global Gold Index ETF (XGD.TO) has a higher volatility of 14.43% compared to iShares Core MSCI EAFE IMI Index ETF (XEF.TO) at 4.77%. This indicates that XGD.TO's price experiences larger fluctuations and is considered to be riskier than XEF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XGD.TO | XEF.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.43% | 4.77% | +9.66% |
Volatility (6M)Calculated over the trailing 6-month period | 34.40% | 11.56% | +22.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.86% | 13.85% | +29.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.64% | 13.58% | +19.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.38% | 14.85% | +18.53% |
XGD.TO vs. XEF.TO - Expense Ratio Comparison
XGD.TO has a 0.61% expense ratio, which is higher than XEF.TO's 0.23% expense ratio.
Dividends
XGD.TO vs. XEF.TO - Dividend Comparison
XGD.TO's dividend yield for the trailing twelve months is around 0.60%, less than XEF.TO's 2.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XEF.TO iShares Core MSCI EAFE IMI Index ETF | 2.21% | 2.43% | 2.76% | 2.75% | 2.93% | 2.42% | 1.93% | 2.72% | 2.76% | 2.10% | 2.42% | 2.42% |
XGD.TO iShares S&P/TSX Global Gold Index ETF | 0.60% | 0.62% | 0.93% | 1.49% | 1.80% | 1.38% | 0.35% | 0.54% | 0.25% | 0.14% | 0.09% | 0.57% |
Frequently Asked Questions
XGD.TO and XEF.TO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XEF.TO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XEF.TO is cheaper with a 0.23% expense ratio, compared with 0.61% for XGD.TO.
XGD.TO is categorized as Precious Metals, while XEF.TO is Foreign Large Cap Equities. XGD.TO tracks Morningstar Gbl Gold GR CAD, while XEF.TO tracks MSCI EAFE Investable Market Index (CAD). Their fees differ too: 0.61% for XGD.TO and 0.23% for XEF.TO.
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